Recognition of the right to a bank account in Monaco

Conscious of the increase of the number of refusals by Monegasque credit institutions to open accounts, both to individuals and economic players, the Law n°1.492 of July 8th, 2020 introduced the right to have a bank account in the Principality of Monaco.

Indeed, this right, which can be defined as the basic banking services for the benefit of persons without any deposit account, is a fundamental right.

 

From now on, any natural person or legal entity domiciled or in the process of setting up business in Monaco, and any financial agent appointed by the candidate(s) for election, has the right to have an account opened by a credit institution in the Principality.

In the event of acceptance by the credit institution chosen by the applicant, the bank account shall be opened no later than 15 working days from receipt of all the documents required, which are set by Ministerial Order n°2020-664 of October 5th, 2020, which came into force on October 17th.

However, the right to a bank account is not absolute since credit institutions may refuse to open an account, provided it is not discriminatory, in circumstances restrictively listed by law (e.g. if the applicant is convicted).

 

In case of refusal from the chosen credit institution, the Budget and Treasury Department may be seized to designate a credit institution providing deposit and payment account services, within 15 working days from receipt of the required documents set by the said Ministerial Order.

Thereafter, the credit institution has always the possibility of terminating the account, in particular if there is reason to suspect that the transactions carried out on the account are undertaken for illegal purposes or that the beneficiary of the account has been convicted.

 

The implemented legislation now allows individuals and economic players to have an essential right. At the same time, credit institutions retain the necessary flexibility to meet their commitments in the fight against money laundering, terrorist financing and corruption, in accordance with the measures required and supervised by the Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN).

Valeri Agency benefits from a privileged relationship with various banking partners, all established in Monaco and rigorously selected, and offers you to introduce and assist you throughout the different steps of your application.